Competition for Canada’s existing detached properties are heating up as the benchmark price went soaring high 14.1 per cent in May compared to the numbers from a year earlier.
The average price tag of a detached was at $1,104,900 in May, data from the Real Estate Board of Greater Vancouver revealed.
It added that tight supply is increasing prices across all property classes as demand is pushing sales well above historical norms.
“We continue to see strong competition for homes that are priced right for today’s market,” Darcy McLeod, president of the board, said in a release.
Meanwhile, new listings for detached, attached and apartment properties dipped 5 per cent from a year ago. The total number of properties listed for sale in the region via the MLS also declined by 32.2% to 12,336 in May.
“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod was quoted as saying.

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